planning for bankruptcy

Because of abuses of the bankruptcy system in the past the current Bankruptcy Code is designed to penalize multiple bankruptcy filers. This multiple filing is called “serial filing” in the bankruptcy world. Individuals who are “serial filers” can lose important benefits in their bankruptcy – the most important of which is called the automatic stay – the act of stopping immediately a foreclosure, lawsuits or other collection activity.

Read More
what debts cant be forgiven in bankruptcy

Obviously getting rid of debt is the reason you are considering bankruptcy. So while a Chapter 7 or Chapter 13 bankruptcy can eliminate a lot of debt, it can’t wipe out every kind of debt mainly if you have certain types of unforgivable debt. The types of debt that bankruptcy will not eliminate include:

Read More

Had someone send me a question about a bankruptcy to clear all debt.  What they were talking about was filing for Chapter 7 bankruptcy.  A Chapter 7 bankruptcy is designed to wipe out most if not all of your unsecured debts (debts that are not somehow tied to property).  Where a Chapter 13 bankruptcy can…

Read More